Bill Text: IL HB1562 | 2021-2022 | 102nd General Assembly | Introduced

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Bill Title: Amends the Illinois Pension Code. Makes a technical change in a Section concerning the Illinois Municipal Retirement Fund.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2021-04-23 - Rule 19(a) / Re-referred to Rules Committee [HB1562 Detail]

Download: Illinois-2021-HB1562-Introduced.html

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102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 HB1562 Introduced , by Rep. Emanuel Chris Welch SYNOPSIS AS INTRODUCED:
40 ILCS 5/7-102 from Ch. 108 1/2, par. 7-102
Amends the Illinois Pension Code. Makes a technical change in a Section concerning the Illinois Municipal Retirement Fund.
LRB102 03593 RPS 13606 b
PENSION IMPACT NOTE ACT MAY APPLY
A BILL FOR
HB1562 LRB102 03593 RPS 13606 b
AN ACT concerning public employee benefits.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Pension Code is amended by
changing Section 7-102 as follows:
(40 ILCS 5/7-102) (from Ch. 108 1/2, par. 7-102)
Sec. 7-102. Purpose. The The purpose of this fund is to
provide a sound and efficient system for the payment of
annuities and other benefits, in addition to the annuities and
benefits available, as herein provided, under the Federal
Social Security Act, to certain officers and employees, and to
their beneficiaries, of municipalities, as herein defined.
It is the mission of this Fund to efficiently and
impartially develop, implement and administer programs that
provide income protection to members and their beneficiaries
on behalf of participating employers in a prudent manner.
(Source: P.A. 87-740.)